Fiscal compromise is necessary
Published 12:00 am Saturday, December 15, 2012
Even as a potentially catastrophic deadline looms, Republicans and Democrats continue to play footsy with taxpayers’ dollars, clashing oral swords over resolving the national budget crisis.
The parties have until Dec. 31 to bridge their capacious differences unless Bush-era tax cuts will expire and spending on defense and other areas slashed. Media outlets and national politicos are using the cutesy moniker “fiscal cliff” to identify the deadline. But make no mistake; there is nothing cute about this crisis.
If recalcitrant partisanship continues to stonewall negotiations, be assured the country will plunge into a deep recession, a disastrous scenario for southeast Louisiana where River Parishes communities are still recovering from the devastation of Hurricane Isaac, and other areas, such as Washington Parish, have yet to emerge from the most recent recession and are struggling to balance the budget.
Both sides appear deeply entrenched in their ideology, turning a deaf ear to the voice of the people and preferring to place the country at risk of a fiscal meltdown.
Republicans believe the Obama administration is obsessed with raising taxes on the rich and using that money to fund even more entitlement programs. They are also vehemently opposed to Democrats’ demands to allow the president to raise the country’s debt ceiling at his own volition rather than seeking Congressional approval, which is the law of the land.
Democrats perceive the Republicans as covetous, uncompassionate and malevolent, if not downright ornery.
Although the budget issue has several complex tenets, the core of the problem lies with party ego. Neither side wants to acquiesce, but the reality is any resolution will necessitate compromise by all involved, including President Obama.
Despite the endless pontifications of conservative talk-show pundits whose own salaries are often up in the financial stratosphere, Republicans eventually will have to agree to some type of tax hike for the rich. For too long, many wealthy individuals and companies have exploited loopholes to avoid paying taxes, or at least used those loopholes to drastically reduce their tax burdens.
Meanwhile, Democrats must also be willing to compromise and perhaps agree to an offer by Republicans to close many of those tax loopholes. More important, Democrats must back off of the debt ceiling plank of their platform.
Giving any president, not just Obama, carte blanche with the nation’s checkbook is the foundation for a fiscal armageddon. The founding fathers created a constitution with checks and balances for good reason, to avoid allowing one branch of government so much power as to bankrupt the country.
The president and both parties must give in on certain issues so this so-called fiscal cliff can be averted and the country can move forward. Perhaps the best case scenario is both sides believing they came away losers but for once the American people emerging as winners.